Stocks Higher into Final Hour on Central Bank Hopes, Euro Bounce, Short-Covering, Tech/Financial Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.34 -3.30%

• ISE Sentiment Index 102.0 +4.08%

• Total Put/Call .84 -2.33%

• NYSE Arms .65 +34.91%

Credit Investor Angst:

• North American Investment Grade CDS Index 76.11 -.99%

• European Financial Sector CDS Index 144.58 +1.12%

• Western Europe Sovereign Debt CDS Index 81.68 -.39%

• Emerging Market CDS Index 268.93 +.51%

• 2-Year Swap Spread 16.5 +.25 bp

• TED Spread 25.0 +1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% -1 bp

• Yield Curve 182.0 unch.

• China Import Iron Ore Spot $111.60/Metric Tonne -1.15%

• Citi US Economic Surprise Index -19.10 -3.6 points

• 10-Year TIPS Spread 2.16 -5 bps

Overseas Futures:

• Nikkei Futures: Indicating +190 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

• Higher: On gains in my medical/biotech/tech/retail sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long